The Property Tax Amendment Bill was passed in the House of Representatives last evening and will see a reduction in the property tax rate for residential properties going from 3% to 2%.

In his contribution, Finance Minister Colm Imbert said the new bill includes allowances for citizens to challenge a property valuation. 

Minister Imbert also explained that a person who inherits a residential property for which payment of property tax was deferred by the original owners, will have a chance to waive the accumulated tax if they themselves are also unable to make the payment. The Finance Minister rubbished the Opposition’s claim that government would claim ownership of the property once the owner has passed. 

Meanwhile, Opposition Leader Kamla Persad-Bissessar, contributing to the property tax debate, once more rejected government’s plans to move ahead with the tax, saying it comes at a time when citizens are already facing financial hardship due to increased living costs.  

During his contribution to the debate, Prime Minister Dr. Keith Rowley said the government stands resolute in acting in the best interest of citizens even when those decisions may not be the most popular. On the other hand, he accused the Opposition of pandering based on what they think the population will vote on.